UBS

The wirehouse last made changes to its compensation plan in 2016.

The Wall Street executive founded three companies, including private-equity firm Lightyear Capital.

Like other bank-owned asset managers, the division is under pressure from new regulations such as MIFID II and a protracted shift toward passive investing.

The move underscores wealth managers’ increasing focus on the not-yet-fabulously rich to boost profitability.

The wirehouse brought on 10 advisors from several rivals.

After a recent policy switch, many clients at the wirehouse can no longer use balances from their deposit accounts to purchase shares in these funds.

Nearly $388 billion of the super rich's net worth has been wiped away since 2016.

The strategy mimics one the executive used to boost profit at his previous employer, cross-town rival Credit Suisse.

The changes follow the firm’s recent move to cut some client fees on separately managed accounts.

It’s the sixth team to join JPMorgan Chase’s boutique brokerage in 2019.